{"id":230152,"date":"2024-10-11T11:49:04","date_gmt":"2024-10-11T11:49:04","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/11\/chinese-firm-buys-newmonts-akyem-mine-for-1-0bn\/"},"modified":"2024-10-11T11:49:04","modified_gmt":"2024-10-11T11:49:04","slug":"chinese-firm-buys-newmonts-akyem-mine-for-1-0bn","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/11\/chinese-firm-buys-newmonts-akyem-mine-for-1-0bn\/","title":{"rendered":"Chinese firm buys Newmont\u2019s Akyem Mine for $1.0bn"},"content":{"rendered":"<br><div id=\"article-text\">\n                       \n                        \n<p class=\"wp-block-paragraph\">Chinese firm Zijin Mining Group Co.\u00a0has bought Newmont\u2019s Akyem gold project in Ghana for a $1 billion in cash.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The purchase from the US-based\u00a0corporation\u00a0will allow China\u2019s largest listed metals producer to mine high-grade ore bodies from one of the world\u2019s major gold belts, Zijin said in a\u00a0filing\u00a0to the Hong Kong Stock Exchange on Wednesday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Newmont said the sale is part of its ongoing programme to\u00a0divest non-core assets\u00a0as the company makes a strategic shift to focus on its tier-one assets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The US gold-producing giant is expected to receive cash consideration of $900 million upon the deal\u2019s closure, with a further $100 million upon satisfaction of certain conditions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The deal will see Zijin\u2019s unit Gold Source International acquiring a subsidiary of Newmont, which in turn owns the Akyem project.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals, Newmont said in a statement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAfter the study, the company is of the view that under the current and anticipated future gold price conditions, the project\u2019s utilizable resources and reserves still have significant potential,\u201d Zijin said in a statement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Chinese miner said certain Ghanaian entities had expressed interest in acquiring a minority stake in the asset, adding that it was open to exploring such potential transactions.<\/p>\n\n\n\n\n\n                <p><strong>DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>      \n               \n <!-- Post Tags -->\n                \n\n                        \n\n    \n                                 \n                                             \n                    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chinese firm Zijin Mining Group Co.\u00a0has bought Newmont\u2019s Akyem gold project in Ghana for a $1 billion in cash. The purchase from the US-based\u00a0corporation\u00a0will allow China\u2019s largest listed metals producer to mine high-grade ore bodies from one of the world\u2019s major gold belts, Zijin said in a\u00a0filing\u00a0to the Hong Kong Stock Exchange on Wednesday. Newmont [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":230154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-230152","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chinese firm buys Newmont\u2019s Akyem Mine for $1.0bn - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/11\/chinese-firm-buys-newmonts-akyem-mine-for-1-0bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese firm buys Newmont\u2019s Akyem Mine for $1.0bn - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Chinese firm Zijin Mining Group Co.\u00a0has bought Newmont\u2019s Akyem gold project in Ghana for a $1 billion in cash. The purchase from the US-based\u00a0corporation\u00a0will allow China\u2019s largest listed metals producer to mine high-grade ore bodies from one of the world\u2019s major gold belts, Zijin said in a\u00a0filing\u00a0to the Hong Kong Stock Exchange on Wednesday. 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